Thursday, April 27, 2017

Trade the Price-Action Story | Crude Oil, Emini, Gold, Euro, FDAX - 04/27/17



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Crude Oil is bullish with two channels this evening, both of which telling us to look for buying opportunities at prior support levels on the chart, with a potential target going back to the $50 round number tomorrow.

S&P looks bullish at first, and it may end up that way tomorrow, but the buyers need to show us some PROOF before we look for buying opportunities, and until then, we’re keeping our eye on a re-test of today’s low.

Gold is sideways and range-bound this evening, right on top of the prior month high, making our plan simple tomorrow; buy the low, sell the high, and avoid the middle.

Euro is bearish and trying to re-test today’s low, but three levels of support, and a key trend-line are telling us to wait for a better selling-opportunities with a ‘trap high’ tomorrow.

FDAX is bearish and trying to re-test today’s low, but we have a support trend-line getting in our way, so the plan is to look for selling-opportunities up at a key resistance level waiting overhead.



Crude Oil Trading Strategy
Crude Oil is bullish with a Spike & Channel, sitting on top of the prior week high, which is a price-magnet as we go into Friday’s session.  We have two channels to consider for tomorrow, both telling us to look for buying opportunities down at support levels below us.  The Spike & Channel tells us to look for traps at prior swing-lows, and the multi-tiered channel tells us to look for buying opportunities at the lows.  Both of these channels give us a target back up at the high, and potentially a re-test of the $50 round number as we finish the month tomorrow.    

E-Mini S&P Trading Strategy
E-Mini S&P is trying to turn bullish, but they buyers haven’t been able to hold a pullback yet, so we need to wait for more confirmation.  The bears got what they were looking for from last night's newsletter, an opportunity to sell high and re-test the low.  This big short-covering-rally over lunch was an attractive buying opportunity for the bulls, but they appear to be struggling to push through the high and take control.  This market is a complete toss-up at this point, with the bears getting a slight edge and looking for a re-test of the low.

Gold Trading Strategy
Gold is sideways and trading inside a range, just a few ticks above the prior month high, which has been acting as a price-magnet as we finish up the month of April.  The market appears to be neutral at this point, so the plan for tomorrow is to buy the low, sell the high, avoid the middle and focus on failures until we see a successful breakout-pullback and a new trend tomorrow.

Euro Trading Strategy
Euro is bearish and trying to re-test today’s low, but the measured-move and prior day low appear to be standing in the way.  The bears have control, and the goal is to ‘sell high’, so the plan is to use this support trend-line as resistance and look for a ‘trap high’ for an opportunity to finish the move without forcing the trade at these lows.  We should also keep an eye on the prior month high, which was tested earlier today.  If the bulls can give us some strength, we can look for buying opportunities on the way back to the highs tomorrow.

FDAX Trading Strategy

FDAX is bearish and trying to re-test today’s low, but this rising support level appears to be keeping the sellers from finishing the job.  One thing that stands out on this chart is the recent bear channel coming off the high; the sellers never got the opportunity to ‘sell high’ after the market turned down again, so the plan is to look for selling-opportunities up at the highs of the range, which may end up becoming a triangle tomorrow as well.

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